Hardman & Co Research
Hardman & Co Research: City of London Investment Group (CLIG): Perky markets
support dividend hike
15-Jan-2020 / 15:20 GMT/BST
Hardman & Co Research: Perky markets support dividend hike
City of London has announced a trading update for 2Q'20. At the end of
December, FUM had grown to $6.01bn, a 13% increase over the September 2019
figure of $5.34bn. This was driven by healthy market growth and more inflows
into the Developed World strategy. A rebound in the exchange rate means a
smaller increase in FUM of 5% in sterling terms. The highlight for many
investors will be in the increase in the interim dividend of 1p to 10p. While
nothing has been said about the full-year dividend, increasing that at the
same rate would still leave the five-year rolling dividend cover, on our
estimates, above the 1.2x target.
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954449 15-Jan-2020
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(END) Dow Jones Newswires
January 15, 2020 10:20 ET (15:20 GMT)
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